I'm a little late to the party, but I finally saw The Hobbit this week.

I have to agree with the majority that it was mostly disappointing. The action scenes were way over the top, especially the sequence during which they were escaping the Misty Mountains. They must have slain 100+ goblins during that escape, and that's certainly not how I remember it in the book. The goblin king also looked and sounded ridiculous.

The only redeeming scene for me was Bilbo and Gollum. I thought that sequence was excellent. The movie as a whole was definitely mediocre though.